Home Buying in Louisville>Question Details

Candace Thom…, Home Buyer in Hillview, KY

What would be a reasonable offer on a home that is 129,900 and the last people who lived in it move there in 2006 and was sold for 132,000. It's

Asked by Candace Thomas, Hillview, KY Sat Jan 18, 2014

barely went down 2 grand in a matter of 8 years. Keep in mind we are first time home buyers and my realtor is aware of that.

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Without knowing the specific property and its offerings as well as its exact location, making a recommendation would be pure guess work and unreliable. I would go with your agent's recommendation. He/she will know the property and the area comparisons and be able to make the best recommendation.

Good luck,

0 votes Thank Flag Link Fri Jan 24, 2014
The panel of answers so far have been informative and great educational information; I strongly urge you to take them and your agent's educational information into consideration. The only additional item to add is: What is it worth to you? Each house is unique and your family's desire to make an offer on it indicates that it feels like home. The location, the size, setting, etc.. are, again, unique to you. When deciding how and what to offer please ask yourself "What are we willing to give for this?" If your answer is (example) we would feel comfortable paying full price. Then strongly consider what your initial offer is to make sure it is a contender if multiple offers were to present themselves at the time you offer. I'm not suggesting to give up all negotiations; simply know up front how badly you want THAT home. Would you be ok knowing you lowballed the seller even though you were willing to pay full price and see another offer accepted over yours?

Remember that the Case Shiller Home Price Index shows home values are the same as they were in late '04 - early '05. We, the buyers, are getting any home at today's fair market value at a good value.
0 votes Thank Flag Link Fri Jan 24, 2014
Reasonable offers are based on the current market, location and condition of the home. Have your agent do a CMA for you so understand what properties are selling for and how they compare to the one you want.
0 votes Thank Flag Link Wed Jan 22, 2014
I say talk and trust your REALTOR. And if you do not trust your REALTOR professional opinion on your offer, then you may need to rethink your professional relationship. But if its a matter of seeing what your REALTOR has told you is correct, there is tools on sites as these to help you make your own decision on that. Once past the professional opinion, it is many times a buyers/seller responsibility to do as much research as they are comfortable with. Best of Luck to you in your home buying ....
0 votes Thank Flag Link Sun Jan 19, 2014
I would recommend sitting down with your Realtor and discussing it thoroughly if this is the home that you would like to make an offer on. Look at everything, tax records, homes currently on the market, and homes that have sold in the last six months. Not all homes went down the same. Home values started back up last year. That being said, $129,900 may very well be the FAIR MARKET VALUE of the home.

From the seller's standpoint, you as a buyer see it only being down $2,100 over 8 years. EVEN if the seller gets $129,900 for the property, they would only get around $121,000 and change before paying off their mortgage. Thus, in their minds, it has decreased around $10,000 to $11,000. NOTE: That is taking into consideration the following: real estate commission, attorney fees, proration of taxes, state transfer tax, etc. that a seller is responsible for at closing.

A Realtor should do a full Market Analysis of the home that you wish to purchase. Sometimes, it is priced exactly where it should be. Sometimes it is not.
0 votes Thank Flag Link Sat Jan 18, 2014
Your Realtor should have already provided you with a CMA (comps) and all the associated information to make an offer that is reasonable for a purchase of the property. Sadly, many times a buyer is taken for granted, which is so unprofesssional in the industry, thus left to their own due deligence. A profesional will be with you every step along your journey to a successful purchase!
Please have that conversation with your Realtor, or interview other Realtors to represent you.
Best of luck on your purchase!
don driskell
Red Edge Realty
0 votes Thank Flag Link Sat Jan 18, 2014
You should have a CMA done on the property to see how that house compares to others currently for sale in the area. The fact that it has only decreased in asking price $2,000 could mean that it was well kept or that the owner has made improvements. If you're not currently working with a realtor please give me a call, I would be happy to work with you to see if this us the right property for you.

LaShanda Barber
961-9313 ext 4
Real Estate Agent
G. Starks Realty
0 votes Thank Flag Link Sat Jan 18, 2014
Do you not trust your Realtor?

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Sat Jan 18, 2014
Based on data provided $129,000 is a reasonable offer.
Perhaps a link to the property would prove very beneficial for those who would choose to do what the agent you hired should be doing on your behalf.
Are you second guessing your agent?
After all Candance, your agent is right there and able to SEE the real estate.
0 votes Thank Flag Link Sat Jan 18, 2014
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